Dividends from Petrobras (Petr4), blue (blue4) and companies that move with their pocket

For the teleconference, Goldman expects issues such as capital allocation (image: istock.com/alison Calazans)

Fourth quarter results hinder another week. And who should be the great star of the period is the Petrobras (Petr4). The oil company announces results with the expectation of weaker numbers, as there was a drop in 10% of production.

But investors will be eyeing themselves are dividends. The state -owned company, which pays quarterly installments, may deposit US $ 2.4 billion (R $ 16.652 billion – based on Tuesday’s closure), according to calculations by Goldman Sachs.

According to the bank, the Petrobras (Petr4) should also announce adjusted EBITDA of US $ 10.4 billion (R $ 59.162 billion-based on Tuesday’s closure) just below market consensus. The numbers will be released on February 26.

For the teleconference, Goldman expects issues such as capital allocation, which would include comments on possible opportunities for mergers and acquisitions (M&A) in ethanol (Focus on discussions during the strategic plan of the end of November), and a reading about future extraordinary dividend payments.

And the extraordinary dividends?

Although analysts believe that the distribution of extra dividends with the year’s profits may be a possibility, given the company’s comfortable cash position, they see room for much lower extra dividends than previous years, as ordinary dividends should already cover the part of the FCF (free cash flow) that estimate for this year.

“We modeled 13% for FCF in 2025, while ordinary dividends should represent 11% performance in our numbers. We estimated that Petrobras could have closed last year with a $ 12-13 billion cash position, significantly above the minimum cash position of $ 6 billion defined in the last business plan, ”explain Bruno Amorim, Guilherme Costa and Guilherme Bosso.

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Blue in red?

Already the Blue (Blue4) discloses the last balance for 2024 on Monday (24), and there is a long time in the market radar on the air: debt restructuring, possible merger with the Goal (GOLL4), capital increase and risk of dilution for shareholders.

Despite a more challenging 2025 on the horizon, regarding the fourth quarter of 2024 (4T24), the great investments projects a strong quarter for Azul.

“Despite the continuity of exchange pressure, with the strong appreciation of the dollarwe hope that the quarter numbers will be positive, driven by the demand heated by airline tickets and a load (occupancy rate) average high of 84.2%”.

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